Finance REITs
REIT Closes on 4 West Coast Office Buildings Totaling 275,000SF
May 5, 2008
By: Barbra Murray, Contributing Editor

Two weeks after announcing its plan to acquire seven office buildings in Southern California and Arizona, Pacific Office Properties Trust has closed on the purchase of four properties in San Diego and Phoenix. The REIT bought the assets, which total 275,000 square feet, from The Shidler Group.

The San Diego Portfolio, located in the submarkets of Carlsbad and Torrey Hills, consists of an aggregate 54,000 square feet in three structures of Class A and Class B+ status. Pacific Office has a 32 percent ownership interest in the properties, leaving its institutional co-investment partner with the remaining stake. Pacific Office also snapped up Black Canyon Corporate Center, a 220,200-square-foot property in Phoenix's Deer Valley submarket. The company's interest in the property is 17.5 percent, and the institutional co-investor owns the remaining interest.

As part of terms defined by recent formation transactions with Shidler, Pacific Office has the option to buy 18 office structures from Shidler. Pacific Office expects to close on the acquisition of the remaining three buildings in the previously announced seven-property purchase in June.






 
Recent REITs Headlines
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008
The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced.
Pair of SoCal Hotels Trade for $80M
May 14, 2008
R.D. Olson Development has sold two hotels in Southern California to Apple REIT 8 for a combined $80 million.
Allen & O’Hara Closes $73M Student Housing Bond Issue
May 14, 2008
Allen & O’Hara Development Co., the development subsidiary of Education Realty Trust Inc., has closed on a $73.4 million bond issue for the development of a student housing project at Indiana University of Pennsylvania.
Simon to Sell $1.5B in Senior Notes
May 13, 2008
In a time when borrowing can be a daunting task, even for entities with sterling credit histories, companies are turning to other means to raise the capital they need, according to industry experts.
Redevelopment of Baltimore Suburb to Be a Model in Green
May 12, 2008
General Growth Properties' vision for Downtown Columbia, Md.'s renaissance will leave the master-planned community awash in green, the developer recently revealed to a crowd of area residents.
 

 

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